Notifications of transactions by PDMRs

RNS Number : 3948P

Gem Diamonds Limited

09 June 2020

 

9 June 2020

GEM DIAMONDS LIMITED 

("Gem Diamonds" or the "Company") 

Notifications of transactions by PDMRs

Awards of Performance Shares (in the form of options over ordinary shares with a nominal value exercise price of US$0.01 per share) have been made today to Directors/PDMRs of the Company under the Company's Employee Share Option Plan 2017, as detailed below.

Name of Director / PDMR	Number of Performance Shares awarded
Clifford Elphick	230,000
Michael Michael	170,000

Gem Diamonds' policy since 2015 has been to set annual ESOP award opportunities as fixed numbers of shares. The Remuneration Committee's view is that this approach helps to manage dilution and more closely aligns executive interests with those of shareholders, as the absolute face value of awards increases/decreases with a rise/fall in share price. As a result of recent share price movements, the absolute face value of the Executive Directors' ESOP awards for 2020 have reduced compared with 2019, from 44% and 50% of salary in 2019 to between 16% and 18% of salary in 2020. The Committee will further exercise judgment when determining vesting of the 2020 awards, to ensure that any vesting is consistent with the stakeholder experience over this uncertain period, taking into account perspectives of shareholders, employees and other key stakeholders.

The following disclosure is made in accordance with Article 19(3) of the EU Market Abuse Regulation.

1.	Details of PDMR / person closely associated (PCA)
a)	Name	Clifford Elphick
2.	Reason for the notification
a)	Position / status	Chief Executive Officer
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Full name of the entity	Gem Diamonds Limited
b)	LEI	213800RC2PGGMZQG8L67
4.	Details of the transaction(s)
a)	Description of the financial instrument Identification Code	Gem Diamonds Limited Ordinary Shares of USD 0.01 each ("Shares") VGG379591065
b)	Nature of the transaction	Award of options over Shares with an exercise price of USD 0.01 per Share under the terms of the Gem Diamonds Limited Employee Share Option Plan 2017, for nil-consideration.
c)	Currency	GBP - British Pound
d)	Price(s) and volume(s)	Price(s) Volume(s) Nil 230,000
e)	Aggregated information Aggregated volume Price	230,000 Nil
f)	Date of the transaction	2020-06-09
g)	Place of the transaction	Outside a trading venue

1.	Details of PDMR / person closely associated (PCA)
a)	Name	Michael Michael
2.	Reason for the notification
a)	Position / status	Chief Financial Officer
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Full name of the entity	Gem Diamonds Limited
b)	LEI	213800RC2PGGMZQG8L67
4.	Details of the transaction(s)
a)	Description of the financial instrument Identification Code	Gem Diamonds Limited Ordinary Shares of USD 0.01 each VGG379591065
b)	Nature of the transaction	Award of options over Shares with an exercise price of USD 0.01 per Share under the terms of the Gem Diamonds Limited Employee Share Option Plan 2017, for nil consideration.
c)	Currency	GBP - British Pound
d)	Price(s) and volume(s)	Price(s) Volume(s) Nil 170,000
e)	Aggregated information Aggregated volume Price	170,000 Nil
f)	Date of the transaction	2020-06-09
g)	Place of the transaction	Outside a trading venue

The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.

For further information:

Gem Diamonds Limited
Susan Wallace, Company Secretarial department

Tel: [phone]

[e-mail]

Celicourt Communications

Mark Antelme/Ollie Mills

Tel: [phone]

About Gem Diamonds :

Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho and is currently in the process of selling its 100% share of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. www.gemdiamonds.com

 

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